Orkla India IPO fully booked on day 2; Check subscription status & latest GMP

The initial public offering (IPO) of MTR Foods-parent Orkla India managed to sail through on the second day of the bidding, thanks to the push from from individual investors. The issue, which kicked off on Wednesday, October 29, was subscribed to a little more than half on day one.

Orkla India is offering its shares in the price band of Rs 695-730 apiece. Investors can apply for a minimum of 20 shares and its multiples thereafter. It is looking to raise Rs 1,667.54 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 2,28,43,004 equity shares by the promoters and existing shareholders of the company.

According to the data, the investors made bids for 2,46,93,620 equity shares, or 1.54 times, compared to the 1,59,99,104 equity shares offered for the subscription by 12.40 pm on Thursday, October 30, 2025. The three-day bidding for the issue shall conclude on Friday, October 31.

The allocation for retail investors was subscribed 1.53 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 3.57 times. The allocation for employees was subscribed more than 5.02 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for only 3 per cent as of the same time.

Bengaluru-based Orkla India, incorporated in 1996, is an Indian food company, offering a diverse range of food products, from breakfast to lunch and dinner, snacks, beverages, and desserts. It has a collection of iconic Indian heritage brands - MTR Foods, Eastern Condiments, and Rasoi Magic.

Brokerage firms are mostly positive on the issue, suggesting to subscribe to it on a long-term basis citing its strong hold in the market, well-known brand, penetration in southern India, solid parentage and robust financial. However, negative cash flow in the short term and complete offer-for-sale nature of business leave limited room for upside in the short-term.

With a strong heritage, local flavor expertise, and focus on automation, quality, and brand trust Orkla India, through its flagship brands MTR and Eastern, is strategically positioned to capitalize on the strong growth in India’s spices and convenience foods sectors, said Master Capital Services.

"It aims to enhance product range presence in the retail outlets and expand distribution network in existing geographies and extend presence into new towns and villages, with a particular focus on developing distribution infrastructure in rural areas. It will focus on strengthening its footprint in key global markets with significant demand for authentic South Indian flavours," it said with a 'subscribe for long-term' tag.

Ahead of its IPO, Orkla India raised Rs 499.6 crore from 30 institutional investors as it finalised allocation of 68,43,900 shares at Rs 730 apiece. It has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of 35 per cent in the IPO.

Orkla India is poised for long-term growth, backed by a strong balance sheet, steady cash flows, supportive policy tailwinds, focus on regional brands, product innovation, robust distribution network and early signs of demand recovery—especially as GST cuts and rising consumer sentiment boost its core food categories, said Geojit Financial Services.

"Orkla is available at a P/E of 31.7 times based on FY26E annualised earnings, which appears fairly priced compared to its peers. Hence, we assign a 'subscribe' rating for investors with a long-term investment horizon," it said.

For the quarter ended June, 2025, Orkla India reported a net profit of Rs 78.92 crore with a revenue of Rs 605.38 crore. It clocked a net profit of Rs 255.69 crore with a revenue coming in at Rs 2,455.24 crore for the year ended on March 31, 2025. Last heard, Orkla India was commanding a grey market premium of Rs 65-70 apiece, suggesting 8-9 per cent gains for investors.

Kotak Mahindra Capital Company, ICICI Securities, Citigroup Global Markets India and JP Morgan India are the book running lead managers of Orkla India IPO, while Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Thursday, November 06.